A Korean stationery printing company is shutting down as imports from China cut back, prompting the Portland, Oregon-based company to lay off staff and customers, and say it is not able to provide timely supplies to its customers.
The decision came after Chinese officials cut off the country’s largest trade with Korea and a third of its exports in the past week, citing currency and food safety concerns, the Korean Trade Ministry said.
“Our goal is to provide the best service possible for our customers and continue to provide our customers with high quality products,” the company said in a statement posted online by its parent company.
The Korea Trade Promotion Agency said the cuts are part of a nationwide “rescue measure” and would affect about 3,200 stores, including some with more than 500 employees.
The agency did not provide any details about the stores affected.
The Portland-based Korean Stationary Company is owned by the same owners as other Korean companies, such as KSSI.KSSI said it had no comment.
Korean Stationery Company, which makes stationery, stationery bags, stationer pens, stationeries, and other items, is one of the largest Korean printers in the United States.
It was founded in the 1980s by Korean-born businessman Kim Ki-won.